Gdp world bank

Illustration photo Inflation stood at a moderate rate of 6.7% in June 2013 while the exchange rate was stable over a long period of time.The country’s foreign reserves rose significantly from 2.2 months of import cover at the end of first quarter of 2012 to 2.8 months at the end of first quarter of 2013.Regarding export, the World Bank attributed the solid export growth to strong performance of foreign-invested sector. Specifically, the total export value rose by 16% in the first half of 2013 compared to the same period last year. Foreign invested sector accounts for 66% of Viet Nam total exports and grew by 25%.The international credit institution said Viet Nam’s FDI (implemented)/GDP ratio declined from a record 11.8% in 2008 to about 7.7% in the first half of this year.However, Viet Nam remains one of the most popular destinations for expansion within the ASEAN region according to ASEAN Business Outlook Survey by AmCham and Singapore Business … [Read more...] about World Bank updates recent economic development

Prime Minister Nguyen Tan Dung (centre) witnesses the signing ceremony for five new projects totalling US$876 million between Governor of the State Bank of Viet Nam Nguyen Van Binh (right) and World Bank President Jim Yong Kim yesterday. — VNA/VNS Photo Duc Tam HA NOI — The World Bank yesterday announced a plan to provide Viet Nam with more than US$3.8 billion in concessional financing over the next three years. Bank president Jim Yong Kim announced this at a press conference in Ha Noi yesterday during an official visit. "This will help Viet Nam continue to invest in improving the lives of the Vietnamese people, including the extreme poor," Kim said. The World Bank chief was on a two-day visit to Viet Nam, where he met Party General Secretary Nguyen Phu Trong, President Truong Tan Sang and Prime Minister Nguyen Tan Dung. Also yesterday, the bank and Viet Nam agreed to conduct a joint study to recommend policy actions to increase economic growth in Viet Nam. … [Read more...] about World Bank offers $3.8b in soft loans to aid poverty alleviation

SINGAPORE — The World Bank said on Monday developing countries in East Asia will grow 7.1 per cent in 2014 as they benefit from a stabilising global economy and withstand the impact of US stimulus cuts. The estimate for gross domestic product (GDP) expansion remains unchanged from last year, making East Asia the world's fastest-growing region, the bank said in its East Asia and Pacific Economic Update report.However, the 7.1 per cent forecast growth rate for this year represents a slowdown from an average growth rate of 8.0 per cent from 2009 to 2013. Growth in regional powerhouse China will ease to 7.6 per cent from 7.7 per cent as it undergoes structural reforms.Excluding China, the developing countries in the region will grow by 5.0 per cent, down from 5.2 per cent last year."East Asia Pacific has served as the world's main growth engine since the global financial crisis," said Axel van Trotsenburg, World Bank East Asia and Pacific regional vice president."Stronger global … [Read more...] about World Bank maintains East Asia growth at 7.1 per cent

Viet Nam’s medium-term economic outlook remains positive, with GDP growth rate projected to accelerate slightly to 6.3 per cent in 2017, according to the latest World Bank East Asia and Pacific Economic Update, released on Wednesday.The growth is underpinned by buoyant domestic demand, rebounding agricultural production and strong export-oriented manufacturing, aided by a recovery in external demand, the report says.The country’s inflationary pressures will remain moderate, reflecting stable core inflation and the tapering of administrative price hikes. The current account is expected to remain in surplus, albeit at a lower level as stronger import growth resumes.Over the medium term, growth is projected to stabilise at around 6.4 per cent in 2018–19, accompanied by broad macroeconomic stability. Barring extreme weather-related shocks, poverty is expected to fall further.The report also mentions risks and challenges facing Viet Nam and offers some recommendations for … [Read more...] about VN’s 2017 growth to quicken: World Bank

World Bank experts said that Việt Nam needs to build four pillars: completing the legal framework for trade facilitation, improving trade logistics infrastructure and connectivity, developing a competitive logistics sector and enhancing public-private cooperation.Sebastian Eckardt, Lead Economist for the World Bank in Việt Nam, said that Southeast Asian countries needed to build a logistic value chain. Building expressways alone is not enough, he said, adding that goods could still be jammed at border gates or ports. Sebastian stressed that improving logistics connectivity is of significant importance.Transportation has not kept up with needs for the country’s development, according to the World Bank expert. Challenges include higher growth of goods volume than GDP growth and the development of infrastructure system.The World Bank cited the Ministry of Industry and Trade statistics showing that demand for investment in transport infrastructure was estimated at US$24 … [Read more...] about Deputy PM works with World Bank on trade facilitation

HA NOI — The portion of the Vietnamese population aged 25 to 55 without any schooling has fallen from 23 per cent to less than 1 per cent over the past 20 years, according to a report released yesterday by the World Bank. The Viet Nam High Quality Education for All Report presented a comprehensive picture of both achievements and setbacks in education during the last two decades, aiming to provide a deeper analysis of domestic primary and secondary schools, said Keiko Sato, the World Bank Portfolio and Operations Manager. The report showed that the national education sector has faced major challenges, including persistent inequalities in grades, attendance and completion among disadvantaged groups. Elsa Duret, Budget Support Advisor from the Belgian Development Agency, said progress was most evident at the primary and secondary levels. The primary education completion rate rose from 39.6 to 88 per cent in rural areas between 1992 and 2008, while the lower secondary completion … [Read more...] about Illiteracy falls over 20 years but more to be done: World Bank

HA NOI (Biz Hub)— Viet Nam's Consumer Price Index (CPI) is expected to go up to 8.2 per cent by the year-end, the World Bank (WB) revealed yesterday in its economic outlook report.The figure is much higher than the Vietnamese Government's target of 6.5-7 per cent and is also far above the forecasts of some economic institutions.Viet Nam's inflation this year is set to be affected by the minimum wage increase from the beginning of this month. Price hikes of electricity, hospital fees, transport and education services would also make prices strongly rise, said Deepak Misha, WB's chief economist.But the country's economic growth would increase more rapidly in the last quarters of this year and is expected to hit 5.3 per cent before rising to 5.4 per cent in 2014, he said.He added that Viet Nam has now had the longest spell of slow growth since the start of doi moi (renewal).The report revealed that Viet Nam is the only large developing country in the East Asia and Pacific region, … [Read more...] about World Bank warns of rising inflation

Developing countries, led by China, will remain the main engines of global economic growth in 2013 as Europe and the United States plod along, the World Bank said in a report.
For this year, the development lender lowered its forecast for global growth to 2.4 percent, from a June estimate of 3.0 percent, saying the economic recovery remains "fragile and uncertain" despite lower financial risk.
The report, "Global Economic Prospects," highlights the two-speed growth gap between high-income and developing countries.
The high-income countries at the center of the financial crisis were projected to produce gross domestic product growth at a tepid 1.3 percent rate in 2013.
Developing countries would see a more robust 5.5 percent GDP growth, the World Bank estimated, rebounding from a 2012 slowdown to the slowest pace in 10 years amid the eurozone's public debt crisis.
"This is going to be an interesting year where we do expect that some of the global driving is going to move on to … [Read more...] about World Bank sees emerging nations leading growth

The World Bank has revised downwards its 2014 GDP growth projections for the three nations worst hit by the current Ebola outbreak - Liberia, Sierra Leone and Guinea.
"The Ebola epidemic continues to cripple the economies," it said.
Its report comes as bank President Jim Yong Kim begins a two-day visit to West Africa to assess the impact.
The World Health Organization (WHO) says 5,987 people have died from Ebola in the three nations.
The latest World Bank report still shows positive projected growth there for 2014, but at much lower rates.
It said that "all three countries had been growing rapidly in recent years and into the first half of 2014".
The bank is now also projecting negative growth for two of the nations in 2015 - Guinea and Sierra Leone.
The bank adds: "In Liberia, where there are signs of progress in containing the epidemic and some increasing economic activity, the updated 2015 growth estimate is 3%, an increase from 1% in October but still less than half the … [Read more...] about Ebola: World Bank lowers 2014 growth for worst-hit nations

The World Bank Group will help Vietnam develop a strong private sector, which will be able to get fairer treatment in a level domestic playing field.
The World Bank Group (WBG) last week announced its new Country Partnership Framework (CPF) with Vietnam for the 2017-2022 period.
Under the CPF, the proposed WBG framework for engagement in Vietnam for the financial years 2018-2022 is organised around three focus areas, including enabling inclusive growth and private sector participation, investment in people and knowledge, and ensuring environmental sustainability and resilience.
These areas cover 11 objectives, of which “promoting private sector and agri-business development” is a priority.
“We will support Vietnam with comprehensive engagement to strengthen private sector development and participation across sectors,” said the World Bank’s country director to Vietnam Ousmane Dione.
“A stronger private sector is needed to effectively play its role in … [Read more...] about World Bank announces new cooperation framework with Vietnam